Apr 26, 2020

Last updated on Nov 13, 2024

FBAR & Form 8938

Filing FBAR Form 8938

Get Professional Assistance with Filing FBAR and Form 8938

Filing both FBAR and Form 8938 is essential for U.S. taxpayers with foreign financial accounts to remain compliant with IRS regulations. At Dimov Tax, we offer expert guidance and support to help you accurately report your foreign assets and avoid potential penalties. Let us simplify the process and ensure your filings are completed correctly and on time.

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FBAR Reporting High-Value Accounts

If you had an account with over $50,000 USD at the end of the year or over $75,000 at any point, you must report it and all other accounts.

FBAR Reporting on Various Account Types

This includes brokerage accounts, interests in foreign entities, financial contracts, etc., and may require filing Form 5471 if interest exceeds 10%.

Form 5471 and Delinquent FIlings

And if you are delinquent with FBAR filing, we have the expertise to assist you.

Your Personal and Business Accounting Team

Our Signature FBAR Compliance Services

Taxation on Interest and Dividends

You are not taxed on having the money, but interest or dividends earned must be reported on Schedule D of Form 1040. Foreign taxes paid can be credited on your US return.

Joint and Controlled Accounts

Joint accounts or those you control with over $10,000 USD must be reported, including shares, life insurance policies, and pension plans.

Determining Exchange Rates

The IRS allows flexibility with exchange rates, as long as you are consistent and compliant. Contact us for the IRS exchange rate list.

Report All Accounts Over $10,000

If you had a non-US account with over $10,000 USD at any point in the year, you must report it and all other accounts.

Crypto and Retirement Accounts

Offshore cryptocurrency and foreign retirement accounts qualify and should be reported to avoid IRS issues. We recommend erring on the side of caution.

Reporting Trust Accounts

If your foreign account is a trust, you may need to file Forms 3520 and/or 3520-A.

Note that absolutely none of the above for either section is professional advice unless you have retained us to examine applicability to your case. Also note that tax information changes frequently with the law.

George Dimov CPA and his team offer tax preparation services. We provide a fast and accurate experience. Give us a call to learn more about our individual tax services today.

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Get award-winning accounting services

Ensuring compliance with FBAR and Form 8938 filing requirements is crucial to avoid penalties and stay on the right side of IRS regulations. Our experienced team is here to guide you through the complexities of reporting your foreign financial accounts. Whether you need help with exchange rates, reporting joint accounts, or understanding the tax implications of your foreign assets, we have the expertise to assist you.